Biden’s Administration To Release Executive Order On Cryptocurrency Next Week

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For some years, federal agencies in the United States have been investigating digital currencies and possible legislative and regulatory responses, but not in a cohesive and coordinated manner. The current Administration is ready to move forward with its crypto regulatory investigation. Agencies will have 90 to 180 days to report their results to the White House after the directive is issued.

The Parties Involved In The Regulation

As per the order from the state government, The White House will request reports on payment systems and future forms of currency from the State Department, the Justice Department, the Department of Homeland Security, and the Department of Treasury. The Financial Stability Oversight Council will also be entrusted with examining the potential impact of digital assets on the country’s financial stability. Last year, the President’s Working Group instructed the Council to investigate stablecoins.

The Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and Attorney General will be charged with researching the implications of cryptocurrencies on market competitiveness. The FTC and CFPB are also expected to look into the impact of digital assets on the nation’s privacy.

The Treasury, along with the Commodities Futures and Trading Commission, Securities and Exchange Commission, and numerous banking institutions will be held accountable for investor and consumer protection on matters of cryptocurrencies.

In addition, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency will submit a briefing to the U.S. President on likely consumer security challenges concerning crypto assets.

Also, the Executive order is expected to direct many governmental bodies to comprehend the requirements of a CBDC system for the United States, as well as tasking various agencies with international coordination on digital assets requirements.

A Report On Project Hamilton

At the beginning of February, the Boston Fed and the Massachusetts Institute of Technology released the results of Phase One of Project Hamilton, a technical examination of CBDCs. The Federal Reserve had released its CBDC report two weeks earlier.

Some agencies have already begun their work without waiting for the Executive Order to be signed. The Department of Justice stated yesterday that the Federal Bureau of Investigation will be supplemented by a Virtual Asset Exploitation Unit.

Cryptocurrencies have not been mentioned in executive orders throughout the United States history because the technology came into existence over the last three administrations.


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